Be Inspired! It took Folorunsho Alakija over 30 years to become one of the most influential women in the world

Nigerian business tycoon and one of the richest black women in the
world, second in Africa, Mrs Folorunsho Alakija with $1.82 billion
fortune, shared her most challenging day in business with Peace Hyde for
Forbes Africa TV. Bellow are highlights of the interview

1.1. There are no overnight success stories

It
took Alakija just over 30 years to become one of the most influential
women on this continent which goes to show that it takes time to achieve
success.

2. Take control of your own career!

When
Alakija realised that the company she was working with were hiring more
people and it would take much longer for her to move up in the
organization due to clogs in the system, she decided to quit and move on
to a better position. Things only happen when you take control.

3. It Pays to invest in your growth

Sometimes
to get to the next level, one has to spend time investing in ones
personal development. After quitting her job, Alakija decided to study
fashion to learn the trade and get qualified as a designer before
becoming one of the leading fashion houses of her time.

4. You need to break out to break even!

Alakija
won a fashion competition, which was the beginning of her breakthrough
for her fashion label. That competition gave her national recognition
and helped her to attract more customers.

5. Be vigilant, you never know when an opportunity is around the corner.

A
chance meeting with an old friend on a flight to the UK was all Alkaija
needed to start thinking about the oil sector which now accounts for her
$1.82 billion fortune. Next time you are in a Buka hut, think consider
who might be holding your next big break.

6. No is never good enough!

Alakija
initially had a number of rejections when she was looking to break into
the competitive industry but each time she did more homework and went
right back. Her persistence beat the resistance of the then oil minister
who eventually awarded her the oil license.

7. Partnership is Key

As
a business owner you may not be able to do everything on your own. Your
ability to find the right type of partners to help you achieve your end
goal will determine how effective you are as an organization. Alakija
found technical partners before applying for her oil license giving her a
much stronger chance of succeeding

1.8. Time is an important factor of success

It
took Alakija three years to get her oil licence and another three years
to get a new set of technical partners to begin work. As an
entrepreneur, your ability to succeed sometimes greatly depends on how
resilient you are in waiting for your break through.

9. Sometimes a big break will look like a stumbling block

It
is not all big breaks that look glamorous. Sometimes a break can be
disguised as a barrier. When Alakija was awarded her oil block, it was
one of the worst because it was deep offshore and there was no
technology that had been developed to explore 5000 feet below sea level.
But she still saw the opportunity and overcame the challenges.

10. Always expect the unexpected

After
finally securing the oil block and finally reaping the rewards, Alakija
had to now fight the government of the day who decided to back into
their contract and take 40% of their 60% stake in the oil business. In
business it is always prudent to prepare for the worst.

11. Know who your true friends are

When
Alakija was in trouble with the government, they went knocking on
several doors for help but nobody would help them. According to her,
they suddenly became the plague with friends they had known for years
all ignoring their phone calls.

12. When you have nothing to lose, choose to fight back.

Alakija
and her family felt that they had everything to gain if they fought the
government and won. At the time, everybody wrote the company off
assuming the worst for the fledgling business. In the end, that risk
paid off and they won.

13. You will not win every battle but you will win the war

Alakija’s
battle with the government took 12 years and there were a lot of
motions that were lost in court but at the end, her tenacity meant that
they eventually came out as the victors in this battle.

14. Sign on the dotted line

Alakija
had signed a contract with the government allowing them to back into
the contract provided certain criteria were met. The government ignored
the terms of the contract, which made their acquisition of the oil block
void. In business, always have terms agreed and documented to avoid
discrepancies.

15.Business has no Gender

Success
in business is not the exclusive preserve of any gender but rather hard
work and perseverance. Folorunsho Alakija is the only prominent female
tycoon in the competitive male dominated oil industry proving that you
can achieve anything you put your mind to.